(U18) Downtrend Intact But.....>

SHORT-STERLING TECHS: (U18) Downtrend Intact But Losing Momentum

*RES 4: 99.198 55-DMA 

*RES 3: 99.180 Channel resistance from May 31 high

*RES 2: 99.165 200-DMA

*RES 1: 99.155 21-DMA

*PREVIOUS CLOSE: 99.145 

*SUP 1: 99.150 Lows July 5 & 23 

*SUP 2: 99.090 High Apr 26 now support 

*SUP 3: 99.060 Low Apr 24 

*SUP 4: 99.030 Low Apr 18 

Short sterling posted solid gains on Friday, ending the week on a stronger note.

While the downtrend remains intact for now, it is losing momentum and a close

above the 21-DMA at 99.155 would provide impetus for further gains towards the

200-DMA and channel resistance. A break above here would be very bullish. Bears

need to push below 99.090 to provide new downside momentum and set their sights

on the April lows.